Silver futures dip on weak global trend, lower offtake

Tracking weakening global trend, silver prices dipped by Rs 674 to Rs 55,505 per kg in futures trading today as speculators reduced their positions.

Reduced offtake in the spot market at existing high levels also dampened the trading sentiment in futures.
    
At the Multi Commodity Exchange, silver for delivery in July dipped by Rs 674, or 1.20%, to Rs 55,505 per kg, with a business volume of just one lot.
    
May silver tumbled by Rs 638, or 1.15%, to Rs 54,840 per kg, with a trade volume of just two lots.
    
Market analysts said beside weakening global trend, reduced offtake at existing high levels in the spot market mainly pulled down silver futures prices.
    
Meanwhile, silver dropped 1.6% to $36.74 an ounce in London.